Overview and Scope
Brain-computer interface (BCI) refers to a computer-based system that collects brain signals, analyses them, and converts them into commands that are sent to an output device to perform a desired activity. The interface enables a direct communication pathway between the brain and the object to be controlled. The main goal of BCI is to replace or restore useful function to people disabled by neuromuscular disorders such as amyotrophic lateral sclerosis, cerebral palsy, stroke, or spinal cord injury.
Sizing and Forecast
The brain computer interface market size has grown rapidly in recent years. It will grow from <b>$1.76 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. </b> The growth in the historic period can be attributed to increased demand for assistive technologies for individuals with disabilities, growth in applications of bcis in healthcare and rehabilitation, increased interest in gaming and entertainment using bcis, government funding and support for bci research and development, and improved signal processing and machine learning algorithms
The brain computer interface market size is expected to see rapid growth in the next few years. It will grow to <b>$3.56 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. </b> The growth in the forecast period can be attributed to increasing investment in bci startups and innovation, adoption of bcis in education and skill enhancement, enhancing data privacy and security measures for bcis, regulatory developments to facilitate bci market growth, and growing interest in brain-computer interfaces for human augmentation and augmentation of ai. Major trends in the forecast period include bcis and artificial intelligence, miniaturization and wearable bcis, brain-to-cloud connectivity, neuroethics and data privacy, and brain-computer interface in education.
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Segmentation & Regional Insights
The brain computer interface market covered in this report is segmented –
1) By Type: Invasive Brain Computer Interface, Partially Invasive Brain Computer Interface, Non Invasive Brain Computer Interface, Other Types
2) By Component: Hardware, Software
3) By Application: Healthcare, Disabilities Restoration, Brain Function Repair, Smart Home Control, Communication and Control, Entertainment and Gaming
4) By End-User: Medical, Military, Other End-Users
<b>North America</b> was the largest region in the brain computer interface market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the brain computer interface market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in global geriatric population is expected to propel the growth of brain-computer interfaces going forward. The geriatric population refers to the elderly population with people aged 65 and over. As populations are growing and aging, the prevalence of major disabling neurological disorders steeply increases with age which increases the demand for treatment, rehabilitation, and support services for neurological disorders such as brain-computer interfaces. In the geriatric population, brain-computer interfaces are used in training elderly people’s motor/cognitive abilities for preventing the aging effects, controlling home appliances, communicating with others during daily activities, controlling an exoskeleton to enhance the strength of the body’s joints, and other day-to-day tasks. For instance, according to the World Health Organization (WHO), a Switzerland-based agency of the United Nations responsible for international public health, approximately 1 billion population aged 60 years and over in the year 2021 and expected to reach 1.4 billion in the year 2030 that equals 1 in 6 people in the world will be aged 60 years or over. Therefore, the increasing global geriatric population driving the growth of the brain-computer interfaces market.
Key Industry Players
Major companies operating in the brain computer interface market include <b> Natus Medical Incorporated, NextMind SAS, Compumedics Neuroscan, Brain Products GmbH, Integra LifeSciences Corporation, Emotiv Inc., NeuroSky Inc., ANT Neuro GmbH, Neuroelectrics, Nihon Kohden Corporation, Blackrock Neurotech, Cadwell Industries Inc., Advanced Brain Monitoring Inc., NIRx Medical Technologies LLC, g.tec medical engineering GmbH, Medtronic plc, MindMaze, CGX A Cognionics Company, Mind Technologies Inc., CorTec GmbH, Neuralink Corp., ClearPoint Neuro Co., Paradromics Inc., Higgs Boson Health, BrainScope Co. Inc., Neuromatters LLC, InteraXon Inc., Syncron International AB, Wispr AI, Inner Cosmos Inc., Neurolutions Inc. </b>
The brain computer interface market report table of contents includes:
1. Executive Summary
2. Brain Computer Interface Market Characteristics
3. Brain Computer Interface Market Trends And Strategies
4. Brain Computer Interface Market – Macro Economic Scenario
5. Global Brain Computer Interface Market Size and Growth
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26. South America Brain Computer Interface Market
27. Brazil Brain Computer Interface Market
28. Middle East Brain Computer Interface Market
29. Africa Brain Computer Interface Market
30. Brain Computer Interface Market Competitive Landscape And Company Profiles
Top Major Players:
- Natus Medical Incorporated
- NextMind SAS
- Compumedics Neuroscan
- Brain Products GmbH
- Integra LifeSciences Corporation
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